ETH Gas transactions price is about to hit 300 - page 2.

seven.71

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live the dream but don't live the dream

Quote from: MonsterV on August 19, 2020, 02:01:31 AM

Quote from: ice18 on August 18, 2020, 02:16:19 AM

Quote from: MonsterV on August 17, 2020, 06:35:48 AM

Quote from: Convery on August 17, 2020, 05:42:56 AM

Now it dropped to 100 GWEI and it lasts on these levels for more than 2 days. Does it mean that people are using less all DeFi protocols? Could be this an indicator that the bubble is slowly coming to the end? Undecided

gas decreases not because the concept of defi has stopped or getting lose their hype, but the volume of trade in Uniswap is decreasing day by day, that's why ethereum gas is decreasing slowly, as you can see past day the volume trade on uniswap is about $300,000 per day, and today its was $130,000.

you can see the movement of trade volume here :

https://www.coingecko.com/en/exchanges/uniswap#statistics

You are wrong mate volume in Uniswap is increasing day by day if you go to 3month time frame you will see its fluctuates everyday but the trend is in upward position and its not $300k its $220m far from those in top centralized exchange.

the volume is increase depend on new project that listed on their exchange and trade on uniswap exchange, but from what i see now, their volume is getting decrease a bit and eth gas are decreasing to, as you can see on etherscan, uniswap contract is on top 2 on rank most used gas per day after tether contract, but when the volume on uniswap are decrease, automaticly the gas price is decrease to.

you can see the here which contract are the most used for transactions and give impacts to gas price :
https://etherscan.io/gastracker

yes gas is used a lot at uniswap even now in first place with daily average around $ 600K now but when gas prices are high Daily volume is over $2 million and the data is available at Coingecko

MonsterV

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Quote from: ice18 on August 18, 2020, 02:16:19 AM

Quote from: MonsterV on August 17, 2020, 06:35:48 AM

Quote from: Convery on August 17, 2020, 05:42:56 AM

Now it dropped to 100 GWEI and it lasts on these levels for more than 2 days. Does it mean that people are using less all DeFi protocols? Could be this an indicator that the bubble is slowly coming to the end? Undecided

gas decreases not because the concept of defi has stopped or getting lose their hype, but the volume of trade in Uniswap is decreasing day by day, that's why ethereum gas is decreasing slowly, as you can see past day the volume trade on uniswap is about $300,000 per day, and today its was $130,000.

you can see the movement of trade volume here :

https://www.coingecko.com/en/exchanges/uniswap#statistics

You are wrong mate volume in Uniswap is increasing day by day if you go to 3month time frame you will see its fluctuates everyday but the trend is in upward position and its not $300k its $220m far from those in top centralized exchange.

the volume is increase depend on new project that listed on their exchange and trade on uniswap exchange, but from what i see now, their volume is getting decrease a bit and eth gas are decreasing to, as you can see on etherscan, uniswap contract is on top 2 on rank most used gas per day after tether contract, but when the volume on uniswap are decrease, automaticly the gas price is decrease to.

you can see the here which contract are the most used for transactions and give impacts to gas price :
https://etherscan.io/gastracker

seven.71

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live the dream but don't live the dream

Quote from: jerrison on August 18, 2020, 10:25:48 AM

Ethereum blochcain has a hard time this era, even in the midst of its bull run, it still has complaints coming in from the users that loads of transactions on the blockchain has exposed the challenges it has with scalability as the negative effect on people is the high cost of gas that has been assigned to transactions and users aren't comfortable with it

it is a risk that is directly proportional to the increase in the price of ETH and the use of their blockchain due to its popularity resulting in very high gas costs so it is only natural, in the ETH 2.0 scaling it is clear how the reduction in costs can be overcome

jerrison

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Ethereum blochcain has a hard time this era, even in the midst of its bull run, it still has complaints coming in from the users that loads of transactions on the blockchain has exposed the challenges it has with scalability as the negative effect on people is the high cost of gas that has been assigned to transactions and users aren't comfortable with it

airdata

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Quote from: blue Snow on August 18, 2020, 08:33:49 AM

Quote from: bluebit25 on August 18, 2020, 08:15:09 AM

Quote from: airdata on August 18, 2020, 06:05:49 AM

a few days ago I made a withdrawal from wallet eth, I was also surprised that suddenly the fee was so high. The fee is half of the total coins I withdrew. in the end I gave up on making a withdrawal.

but the impact of this ethereum gas fee is that ethereum prices immediately rise high. There is a positive side too, my eth balance is worth a lot even though the fees are also getting higher. I think the eth gas fee will drop again one day, just like what happened in bitcoin.

Now that you can withdraw it, I see the gas fee has dropped a lot and it only cost you 0.5-1 $ to make that transaction. I was also surprised with the gas fee in the last few days, I don't believe it can be that high, even 3-4 times higher than Bitcoin's transaction fees Cheesy

Ethereum gas fee reduced drastically now, https://etherscan.io/gastracker

109 gwei - 13 minutes waiting time. people who already waiting at this moment can make a big smile Grin

still fairly expensive. for example, I am sending with a current fee and suddenly the gwei gas fee goes up unexpectedly, my transaction will be delayed for days. well, I better stop myself and I think 1 dollar fee is quite expensive unless I really need it urgently then I will make a withdrawal with the current gas fee standard.

erikalui

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My transaction is pending for about 4 days now as I put 60 Gwei. It was later I realized that the gas price had increased but I was sending only 10 tokens Sad

I cannot send more transactions as it depends on this transaction and via Ledger Nano, I can't even cancel the transaction. I just hate ETH txs now as BTC was better and plus there are free accelerators for pushing transactions. ETH txs need $10 as fee for even small txs.

blue Snow

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Quote from: bluebit25 on August 18, 2020, 08:15:09 AM

Quote from: airdata on August 18, 2020, 06:05:49 AM

a few days ago I made a withdrawal from wallet eth, I was also surprised that suddenly the fee was so high. The fee is half of the total coins I withdrew. in the end I gave up on making a withdrawal.

but the impact of this ethereum gas fee is that ethereum prices immediately rise high. There is a positive side too, my eth balance is worth a lot even though the fees are also getting higher. I think the eth gas fee will drop again one day, just like what happened in bitcoin.

Now that you can withdraw it, I see the gas fee has dropped a lot and it only cost you 0.5-1 $ to make that transaction. I was also surprised with the gas fee in the last few days, I don't believe it can be that high, even 3-4 times higher than Bitcoin's transaction fees Cheesy

Ethereum gas fee reduced drastically now, https://etherscan.io/gastracker

109 gwei - 13 minutes waiting time. people who already waiting at this moment can make a big smile Grin

bluebit25

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Quote from: airdata on August 18, 2020, 06:05:49 AM

a few days ago I made a withdrawal from wallet eth, I was also surprised that suddenly the fee was so high. The fee is half of the total coins I withdrew. in the end I gave up on making a withdrawal.

but the impact of this ethereum gas fee is that ethereum prices immediately rise high. There is a positive side too, my eth balance is worth a lot even though the fees are also getting higher. I think the eth gas fee will drop again one day, just like what happened in bitcoin.

Now that you can withdraw it, I see the gas fee has dropped a lot and it only cost you 0.5-1 $ to make that transaction. I was also surprised with the gas fee in the last few days, I don't believe it can be that high, even 3-4 times higher than Bitcoin's transaction fees Cheesy

airdata

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a few days ago I made a withdrawal from wallet eth, I was also surprised that suddenly the fee was so high. The fee is half of the total coins I withdrew. in the end I gave up on making a withdrawal.

but the impact of this ethereum gas fee is that ethereum prices immediately rise high. There is a positive side too, my eth balance is worth a lot even though the fees are also getting higher. I think the eth gas fee will drop again one day, just like what happened in bitcoin.

thesmallgod

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The same is already happening. The trading volumes of the coin such as dogecoin is increasing daily and it seems the price of ETH is stalked at $430. One of the importance of crypto is the ability to transfer a huge amount of money with a small transaction fee which when compare to traditional banking, the latter has an exorbitantly high fee. ETH 2.0 will need to address this by making sure the transaction fee is much less

qwizzie

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Quote from: Kotone on August 18, 2020, 02:34:26 AM

Quote from: monig1981 on August 18, 2020, 12:16:32 AM

Hope Gas will return to previous normal. in the last few days i tried to send a token but Gas price was higher than token price.

With the current activity on the defi network and many decentralized atomic swap exchange like uniswap. Many will probably uses it no matter how much the gas fee is. Its almost same case what happened last time with cryptokitties hype. Fees are even higher than the one you sent. So much better to not involved with lot of transaction on the eth network for now.

Be even more carefull around DeFi contracts, as they have fees that can go up to $100

Link : https://cointelegraph.com/news/99-gas-fees-on-ethereum-are-crippling-defis-growth

Quote

While the average Ethereum transaction fee is more than the daily income in many countries, the additional smart contract executions needed to engage with DeFi protocols
has seen users report fees of up to $100.

Kotone

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Quote from: monig1981 on August 18, 2020, 12:16:32 AM

Hope Gas will return to previous normal. in the last few days i tried to send a token but Gas price was higher than token price.

With the current activity on the defi network and many decentralized atomic swap exchange like uniswap. Many will probably uses it no matter how much the gas fee is. Its almost same case what happened last time with cryptokitties hype. Fees are even higher than the one you sent. So much better to not involved with lot of transaction on the eth network for now.

coin-investor

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Quote from: minatour on August 17, 2020, 01:00:09 PM

Ever since this eth transaction shoots up, have choose to hold all ethereum token am holding, and each time I need to withdraw fund on exchange I use Tron instead of Eth. Hoping for a turnaround anytime soon.

I'm also doing that but there's a time that the transaction fee is lower because transactions on Uniswap is lower so it's better to check transactions on Uniswap before sending Ethereum I'm ok with buying Ethereum but not trading because I know that I can recover the fee with the increasing price of Ethereum.

ice18

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Quote from: MonsterV on August 17, 2020, 06:35:48 AM

Quote from: Convery on August 17, 2020, 05:42:56 AM

Now it dropped to 100 GWEI and it lasts on these levels for more than 2 days. Does it mean that people are using less all DeFi protocols? Could be this an indicator that the bubble is slowly coming to the end? Undecided

gas decreases not because the concept of defi has stopped or getting lose their hype, but the volume of trade in Uniswap is decreasing day by day, that's why ethereum gas is decreasing slowly, as you can see past day the volume trade on uniswap is about $300,000 per day, and today its was $130,000.

you can see the movement of trade volume here :

https://www.coingecko.com/en/exchanges/uniswap#statistics

You are wrong mate volume in Uniswap is increasing day by day if you go to 3month time frame you will see its fluctuates everyday but the trend is in upward position and its not $300k its $220m far from those in top centralized exchange.

Vishnu.Reang

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Everyone want cryptocurrencies such as Bitcoin and Ethereum to be accepted as payment. But at the same time, they don't want to reduce the sky high fees associated with making BTC or ETH transactions. I don't know much about the ETH gas price, but for making Bitcoin transactions I have been paying $5-$10 as fees for the last few months. This is having a big impact on the adoption and acceptability of cryptocurrencies.

Aaroenz0r

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Quote from: monig1981 on August 18, 2020, 12:16:32 AM

Quote from: ?? on ??

ethereum GAS up to now is too high Of course, many people think about transacting with the Ethereum platform, including me but now the price of GAS has started to fall to 125 hopefully in the near future it will return to normal

Hope Gas will return to previous normal. in the last few days i tried to send a token but Gas price was higher than token price.

Personally, I think the gas fee can't return to what it was. The reason is that the gas fee is high because of the high demand in ETH transactions. People are interested in the hype of ETH, so they buy and hold a lot of ETH. The demands increase that makes the gas fee higher. In the near future, I can see that people will keep buying ETH until ETH achieve their target. Until then, the gas fee will remain as high as now.

monig1981

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Quote from: ?? on ??

ethereum GAS up to now is too high Of course, many people think about transacting with the Ethereum platform, including me but now the price of GAS has started to fall to 125 hopefully in the near future it will return to normal

Hope Gas will return to previous normal. in the last few days i tried to send a token but Gas price was higher than token price.

jostorres

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This is really very bad thing about ethereum. They are having highly intensive block generation still not picking transactions which are having enough fees for network. I guess, ethereum even want to mimic what bitcoin is doing with respect to bitcoin's transaction fees as well.

I see already people start using TRX for quicker and cheaper transactions and moreover ethereum already lost its biggest support of ICO industry and now if common people also strat ignoring for low confirmation then there could be really challenging time ahead ethereum in my opinion.

seven.71

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live the dream but don't live the dream

Quote from: ?? on ??

ethereum GAS up to now is too high Of course, many people think about transacting with the Ethereum platform, including me but now the price of GAS has started to fall to 125 hopefully in the near future it will return to normal

today, the gas cost decrease is quite large at 85 gwei, maybe this is the effect of BTC that is starting to rise so that the sale of low etherum tokens, especially the Uniswap exchange

minatour

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Ever since this eth transaction shoots up, have choose to hold all ethereum token am holding, and each time I need to withdraw fund on exchange I use Tron instead of Eth. Hoping for a turnaround anytime soon.

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